In October 2024, domestic rice prices were stable or declined month‑on‑month and were generally lower year-on-year in many countries of the subregion. In Thailand, wholesale rice prices declined significantly in October, continuing the downward trend that began in June, reflecting improved market availability from the ongoing 2024 main harvest, with a production forecast at an above-average level. Overall, October prices were almost 25 percent down year-on-year. Similarly, wholesale rice prices fell month-on-month in October in Viet Nam, mostly due to improved market supplies from the ongoing summer/autumn and 10^th month harvests, estimated at close to the five-year average. India’s decision to relax all export restrictions on non‑broken rice in September 2024, is expected to increase export competition and weigh on prices in Viet Nam and Thailand, both key rice exporters in the subregion. In India, the national average retail price of rice was stable in October, ahead of the arrival of the 2024 main Kharif crop, forecast at above‑average levels. In Myanmar, retail prices of the widely consumed Emata rice rose marginally for the third consecutive month in October, to near-record levels, as seasonal upward pressure was exacerbated by concerns over the impact of flooding on the 2024 main harvest. High costs of agricultural inputs and transport, and conflict-related market disruptions continue to be key contributors to price increases. In China (mainland), the wholesale national average price of Indica and Japonica rice varieties remained stable in October and were close to their year-earlier levels, reflecting adequate market availabilities from the 2024 early double and single crop harvests. In the Philippines, retail prices of regular and well‑milled rice were stable in October, ahead of the arrival of the 2024 main harvest into the markets. Overall, prices remained about 10 percent higher year-on-year. In Sri Lanka, retail rice prices increased seasonally month-on-month in October and were 7 percent higher year-on-year.

Regarding wheat grain and wheat flour, prices were stable or increased seasonally in some countries. In China (mainland), wholesale wheat grain prices were stable in October and were lower year-on-year, weighed down by ample market availability from the 2024 harvest. In Pakistan, retail wheat flour prices increased seasonally in October, after declining sharply in August and September, but prices remain well below their year-earlier levels, as market availabilities are abundant from the 2024 record production. Similarly, in India, the national average retail price of wheat grain increased seasonally in October and prices were marginally higher year-on-year, as the downward pressure from the record 2024 output was offset by the large-scale government purchases needed to run various welfare schemes. In Sri Lanka, a net wheat importer, retail prices of wheat flour were stable in October and about 10 percent below their levels from the previous year, reflecting adequate market availabilities from imports. In Afghanistan, retail prices of wheat flour showed mixed trends in October and were lower year-on-year, due to deflationary pressure and improved market availability from the 2024 wheat harvest.